Lo147 - Study guides, Class notes & Summaries

ECN 1500 Final Exam with Correct Answers 100% Verified 2024/2025 LO14.1 - Correct Answer Conceptually, money is any item that society accepts as (a) a medium of exchange, (b) a unit of monetary account, and (c) a store of value. In the United States, two "official" definitions of money are M1, consisting of currency (outside banks) and checkable deposits, and M2, consisting of M1 plus savings deposits, including money market deposit accounts, small-denominated (less than $100,000) time dep...